Conceivable, too, that livedoor was channelling funds to politicians, in which case the story will grow.
At the least, questions ought to have been raised much earlier about livedoor's activities.
The fallout from Livedoor's spectacular rise and fall has affected Japan's whole financial community.
The livedoor-Fuji battle, the Yumeshin bid and the mega-bank sumo-wrestling match illustrate three important developments.
Mr Murakami has admitted insider trading in a takeover initiated by Livedoor in 2005.
They are, he says, why the public is still confused about what the livedoor scandal is all about.
Meanwhile, share splits artificially inflated the price of livedoor shares, which were invariably used as the currency for acquisitions.
Livedoor managed to get several of Fuji's attempted defence manoeuvres struck down by the courts before Fuji's white knight came along.
Whether or not there was direct encouragement, it is certainly true that many politicians are quietly happy with livedoor's fall from grace.
The livedoor bid for Fuji illustrated another point about Japanese capitalism: that for a seemingly cosseted, conformist activity, it is strikingly unregulated.
Livedoor is said to have manipulated the market in 2004, when a subsidiary announced that it was pursuing a publishing company it already controlled.
It is conceivable that some of the companies livedoor acquired were in the pocket of yakuza crime syndicates, for instance, which used them for money-laundering.
Four former Livedoor executives are currently on trial accused of fraud and falsifying corporate accounts, while the firm's founder Takafumi Horie has been charged with breaking securities laws.
Mr Murakami is then understood to have sold shares to Livedoor, the once high-flying internet business which has become immersed in scandal, through his investment firm MAC Asset Management.
Take the corporate scandals: neither livedoor nor the Murakami Fund represents chicanery or economic distortion on anything approaching the scale of America's Enron or WorldCom earlier this decade, they are far smaller entities.
News that a brash internet company, livedoor, was under investigation for market manipulation and accounting irregularities (see article) had sparked two days of widespread selling during which the benchmark Nikkei index and the broader Topix both fell by 5.7%.
The televised afternoon in parliament in which Mr Maehara hoped greatly to embarrass the prime minister over the alleged livedoor e-mail turned into a humiliation as the old dog took the young puppy and shook him by the scruff of his neck.
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